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US to use 250 bln dlrs to buy bank shares
WASHINGTON, October 14, 2008 (AFP) – The US government will spend up to 250 billion dollars to buy shares in struggling banks in the latest effort to stem a global financial crisis, Treasury Secretary Henry Paulson said Tuesday.“Yet the alternative of leaving businesses and consumers without access to financing is totally unacceptable. When financing isn’t […]
Dubai leads Gulf stocks surge
KUWAIT CITY, October 14, 2008 (AFP) – Stocks in the booming Gulf emirate of Dubai leapt nine percent at the opening of trade on Tuesday, leading gains in the oil-rich Gulf as global markets made a spectacular surge. Abu Dhabi and Oman each jumped six percent, but the Kuwait Stock Exchange, the second largest Arab […]
Japan loosens share buy-back rules
TOKYO, October 14, 2008 (AFP) – Japan’s government on Tuesday announced measures aimed at stabilising the ailing stock market, including a loosening of restrictions on companies buying back their own shares.The moves helped to fuel a powerful rally on the Tokyo stock market, which soared more than 12 percent in early trade as investors cheered […]
Australia announces economic stimulus package
SYDNEY, October 14, 2008 (AFP) – Australian Prime Minister Kevin Rudd on Tuesday unveiled a 10.4 billion dollar (7.25 billion US) economic stimulus package to counter a slowdown caused by the global financial crisis. “The global financial crisis has entered into a new dangerous and damaging phase, one that goes to the real economy — […]
‘s old man Jayasuriya, newboy Mendis lead team to victory
TORONTO, October 13, 2008 (AFP) – Veteran Sanath Jayasuriya, with his trademark big-hitting, and newboy Ajantha Mendis, delving into his bag of bewildering spin tricks, led Sri Lanka to a five-wicket victory over Pakistan in the Canada Twenty20 final here on Monday.Chasing 133 to win, Sri Lanka registered their first win over Pakistan in the […]
US financial system headed to intensive care: Volcker
SINGAPORE, October 14, 2008 (AFP) – The US financial system is already in the emergency ward and will move into intensive care, Paul Volcker, former chairman of the US Federal Reserve, said in Singapore on Tuesday.“I’m afraid it’s going to be there for a considerable period of time before it returns to normal,” he said […]
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WASHINGTON, October 14, 2008 (AFP) – Paul Krugman, winner of the 2008 Nobel Prize for economics, said Monday in an interview with National Public Radio (NPR) that he should have anticipated the current financial turmoil. “I should have seen it coming,” said Krugman. “I berate myself for not understanding the extent to which we have […]
Sri Lanka shares rebound, trading thin
Oct 13, 2008 (LBO) – Sri Lankan shares rebounded Monday, lifted by blue chips, on a temporary recovery of confidence as global bailout plans saw overseas markets turning around, but trading remained thin, brokers said.Dialog Telekom rising 7.14 percent (50 cents) to 7.50 rupees while Sri Lanka Telecom went up 3.21 percent (1.25 rupees) to […]
More Liquidity
Oct 13, 2008 (LBO) – Sri Lanka’s central bank has cut the reserve requirement of commercial banks from 10 percent to 9.25 percent, and further relaxed access to the discount window. “This step has been taken in order to inject more liquidity to the domestic financial market so as to enable the market to effectively […]
Bagged
Oct 13, 2008 (LBO) – Sri Lanka’s Supreme Court has halted a recent practice by the island’s top retail chains to charge for plastic bags, and ordered alternatives to be provided if such bags are not considered eco-friendly, lawyers said. Sri Lanka’s top supermarket chains, with the environmental ministry, announced earlier in the year at […]
Sri Lanka asks EU to extend GSP Plus trade deal
Oct 13, 2008 (LBO) – Sri Lanka’s government has formally applied to the European Union to extend the GSP Plus trade scheme under which the island’s exports gain duty free access, an official said.S Ranugge, secretary to the external trade ministry, said the government expects to know by December 15 whether or not the GSP […]
Sri Lanka rubber prices fall amid collapsing commodity bubble
Oct 13, 2008 (LBO) – A collapsing global commodity bubble, falling demand from industrialised countries and lower oil prices have caused Sri Lankan rubber prices to fall sharply in recent weeks, industry officials said. This has resulted in lower demand for products like solid tyres made by the top rubber buyers in the island, Loadstar […]